Market Highlights
The emergence of advanced innovative cloud technology will boost Cloud
Billing market growth over the forecast period. Cloud allows organizations
in streamlining their billing process, thus augmenting the overall customer
experience. The deployment of cloud billing solutions helps in reducing IT
resources and infrastructure needed through the minimal need for expensive
hardware and integration.
Cloud billing is now in vogue due to low capital required to implement
cloud in day-to-day services. Market Research Future (MRFR) reports that the
global cloud billing market can touch USD 13.23 Billion mark by 2030. It can
expand at a 16.40% CAGR during the forecast period (2020-2030). The rise is
expected as cloud billing has simplified the traditional billing process by
blending digital technology with non-digital services.
The growing need for centralized and convergent billing solutions coupled
with the growing need for billing operations will offer robust opportunities
for the market over the forecast period.
COVID-19 Analysis
The COVID-19 outbreak had a positive effect on the cloud billing market.
Owing to the crisis, cloud billing solutions have gained traction particularly
usage-based billing as enterprises have changed their budgets and also
preferences to survive during this outbreak. Besides, organizations across the
globe are making investments more in cloud billing solutions to continue
operations. Governments have announced packages for helping businesses at the
time of the outbreak, with special focus on smart and medium sized enterprises.
The crisis has also boosted the adoption of cloud across industry verticals as
users are moving in leveraging the different benefits of cloud such as cost and
scalability.
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Segmentation:
The segmentation of the global cloud billing market is based on type,
application, deployment, providers, organization size, and end-users.
Type-based segmentation comprises subscription billing, cloud service
billing, metered billing, provisioning, and others. As of now, metered billing
fetches in the largest market share and is likely to do so in coming years.
By application, the market is segmented into account management, revenue
management, customer management and others.
Deployment-wise segmentation of the cloud
billing market includes public cloud, private cloud, and hybrid cloud. The most common way of deployment is public
clouds. Public clouds are cheaper, need no maintenance and highly reliable
compared to private and hybrid clouds. Government agencies and financial
institutions prefer private clouds. Its design makes it more flexible and
secured. Hybrid cloud can reap the benefit of both the worlds as it gives the
organization more control.
Provider-based segmentation has managed service providers, communication
service providers, network operators and others.
Regional Analysis:
North America to
Spearhead Cloud Billing Market
North America will spearhead the market over the forecast period. Higher
adoption of cloud billing services and solutions among different industry
verticals like media and entertainment, IT and telecom, and BFSI, the presence
of a large number of cloud-based service providers offering SaaS, PaaS, and
IaaS, major industry players operating in the region, the growing
implementation of cloud based technology, better access to client demands,
growing adoption in the US for the country being technologically advanced, high
level of technology awareness, the presence of a large number of MSPs, TSPs and
CSPs, increase in cloud-based solutions, mandatory government regulations, and
the presence of giant cloud players in the US such as IBM, AWS, and Microsoft
are adding to the global cloud billing market growth in the region.
Competitive Analysis
Key players profiled in the global cloud billing market report include
Zuora Inc. (US), IBM Corporation (US), Cerillion (UK), AMDOCS (US), Oracle
(US), Amazon Web Services, Inc. (US), NEC Corporation (Japan), SAP SE
(Germany), Aria Systems, Inc. (US), Cloudability (US), Jamcracker, Inc. (US),
FinancialForce (US), ReckNap (US), CLOUD ASSERT LLC (US), and Tridens d.o.o.
(Slovenia).
The global cloud billing market is fragmented and also competitive for the
presence of different international & domestic key players. These players
have incorporated innovative strategies to remain at the vanguard and also
suffice the burgeoning demand of the customers including collaborations,
contracts, partnerships, joint ventures, geographic expansions, & new
product launches and more.
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